President Abdel Fattah El Sisi has given commands for the strict enforcement of laws, regulations and presidential decrees regulating the use of land allocated for tourism activities along Egypt’s beaches, and stressed the need to safeguard citizens’ free access to beaches.
During a meeting in New Alamein City, with Prime Minister Moustafa Madbouli and Finance Minister Ahmed Kouchouk, President Sisi ordered the immediate formation of a committee comprising the relevant state agencies to inspect conditions on the ground and ensure compliance with applicable regulations.
He also prohibited the construction of any facilities or works within 200 metres of the shoreline without prior approval from the competent state authorities.
The president further directed the formation of a committee to inspect real estate projects under construction across all governorates.
The committee will ensure the timely delivery of units, compliance with contracts signed with buyers and completion of project infrastructure.
It will also hold violators accountable and regularly report its findings and actions to the President.
Meanwhile, the president stressed the importance of carrying on with developing Egypt’s tax system, and services, offering additional facilities and boosting investors’ confidence.
Sisi directed the launch of a third package of tax incentives following the entry into force of the second package of tax incentive laws after their ratification, the Presidency Spokesman Ambassador Mohmed El-Shennawy said in a statement.
He added that the meeting further reviewed the latest developments regarding hedging against global oil price volatility for fiscal years 2025/2026 and 2026/2027.
In this respect, Finance Minister Kouchouk updated the president on the progress in implementing the real estate tax facilitation package, including the launch of a “mobile application” and measures to simplify its use.
A similar application and system for real estate transaction tax will be launched in the coming days.Accordingly, the president approved a proposal to issue tax bonds financed by taxpayers and deductible from their future tax liabilities.
The bonds will provide a favourable return, helping reduce financing needs and, consequently, the debt-service bill.
Kouchouk reviewed the final financial performance for fiscal year 2025/2026 and its key budget indicators, noting that Egypt’s real growth rate reached 5.2% during the first nine months of the fiscal year.
He highlighted improvements in economic and financial indicators, including a reduction in the external debt of budget entities, expansion of the tax base through simplified and automated procedures, increased non-tax revenues, improved capital-market and Egyptian Exchange performance, and lower default-insurance costs and yields on Egyptian government bonds.
The finance minister said the business community had responded with confidence to the tax incentive initiative, contributing to significant growth in tax revenues during the past fiscal year.
He stressed that the second package reflects the state’s approach to supporting growth, simplifying procedures and reducing burdens, thereby strengthening the competitiveness of the Egyptian economy and creating a more attractive investment environment.
The meeting also reviewed debt indicators for budget entities.
In this respect, President Sisi noted that the government had succeeded in reducing their debt as a percentage of GDP by approximately 13.2% over the past two years, stressing the goal of significantly improving debt indicators to create greater fiscal space to support citizens and investors.
Kouchouk also presented new initiatives to support the industrial sector’s transition to solar energy and finance the recycling of solid waste into alternative fuel.
The initiatives aim to reduce implementation costs and benefit all stakeholders.
